Please help porting mortgage advice!

Yorkie1

I assume you mean your potential new property is £270K, not £27K?

My very basic understanding of porting is that you can transfer your existing product to the new property, and then you take out a new product for the difference.

You don't have a right to port a mortgage, it all depends on whether you fit the lending criteria at the time you apply.

DEE76_2

I would love advice on this matter too!!

I want to buy a house at £125k & already have an outstanding mortgage for £70k. The company offers a Part exchange but tells me that they shall make an offer around 25 -30% below the property value which therefore leaves me with a mortgage deficit of around £17k. How do I purchase my new property? I have £15000 as a deposit for the new one but can't pay the deficit on the current mortgage & don't want to run 2 mortgages. I don't think we would be able to borrow enough to cover them both anyway or am I totally wrong & there is a solution?

I earn £19.5k and my partner earns £22k what can we do? This new house is perfect for our family and we need to desperately upsize.

Yorkie1

DEE76 wrote: »

I would love advice on this matter too!!

I want to buy a house at £125k & already have an outstanding mortgage for £70k. The company offers a Part exchange but tells me that they shall make an offer around 25 -30% below the property value which therefore leaves me with a mortgage deficit of around £17k. How do I purchase my new property? I have £15000 as a deposit for the new one but can't pay the deficit on the current mortgage & don't want to run 2 mortgages. I don't think we would be able to borrow enough to cover them both anyway or am I totally wrong & there is a solution?

I earn £19.5k and my partner earns £22k what can we do? This new house is perfect for our family and we need to desperately upsize.

I note you've correctly started a new thread with this question so suggest posters confine their responses to that thread.

Danielle116

Hi I wondered if anyone can help, I want to port my mortgage but don’t know if I’ll be able to. Here is my situation.

My wife and I had a mortgage two years ago with Santander brought the house for £104000 got a mortgage on £84000 we now want to buy a house for £105000 but mine and my wife’s circumstances have changed since getting the mortgage. My wife only has a temporary contract job so this can’t be taken into account and my job including bonus is around £25000 P/A.

Does anyone know if we'll be able to move this to the new property?

Thanks for your help.

Thrugelmir

Danielle116 wrote: »

Does anyone know if we'll be able to move this to the new property?

Factoring in the cost of buying and selling is it worth it?

kingstreet

Danielle116 wrote: »

Hi I wondered if anyone can help, I want to port my mortgage but don’t know if I’ll be able to. Here is my situation.

My wife and I had a mortgage two years ago with Santander brought the house for £104000 got a mortgage on £84000 we now want to buy a house for £105000 but mine and my wife’s circumstances have changed since getting the mortgage. My wife only has a temporary contract job so this can’t be taken into account and my job including bonus is around £25000 P/A.

Does anyone know if we'll be able to move this to the new property?

Thanks for your help.

Are you planning on selling the current property?